Developer Emperor buys Wan Chai office block for HK$1.6b
The commercial tower at 60 Gloucester Road has 27 floors and a basement, with a total gross floor area of about 95,557 square feet. The price works out to HK$16,618 per square foot.
Developer Emperor International has paid HK$1.588 billion for the Wing Hang Finance Centre in Wan Chai, in a relatively uncommon purchase of an entire building in the area.
The commercial tower at 60 Gloucester Road has 27 floors and a basement, with a total gross floor area of about 95,557 square feet. The price works out to HK$16,618 per square foot.
Keith Leung Ka-wing, commercial department manager at Centaline Property Agency, said the price was reasonable.
"It's rare to find an en bloc building for sale on Gloucester Road. But as a reference, some floors at the neighbouring AXA Centre are now being offered for about HK$16,000 per square foot," Leung said.
Emperor executive director Donald Cheung Ping-keung said: "The Wing Hang Finance Centre, located in the prime office area on Gloucester Road in Wan Chai, is a rare building with a sea view and has a lot of potential for upgrades. We expect the building will become a long-term investment project for the group."
The developer said it was positive about the development potential of Wan Chai owing to the many redevelopment projects there and the planned Sha-Tin-to-Central railway link.
